How to Find The Best Health Insurance Policy For You ?

Posted on: Apr 19, 2019 | 3 mins | Written by: HDFC ERGO Team

How to Find The Best Health Insurance Policy For You ?

With medical costs increasing at a skyrocketing rate, having a health insurance policy is a must. Investing in a suitable health plan provides you with coverage against uncertain medical expenses arising anytime during the tenure of the policy. The health policy is an annual agreement between the insurer and you, wherein, you are required to pay a specific premium to receive medical coverage. A health insurance policy provides you with a host of benefits which is why it is imperative you consider below points before opting for a specific health insurance plan.

Here are certain tips that will help you choose the best health insurance policy for yourself.

Determine your needs: The first step towards choosing a health insurance policy is to analyze your own requirement. This involves considering the number of family members you want to cover and also you and your family’s medical history. You can opt for a family floater health plan to cover your parents, spouse as well as kids. And if you don’t wish to cover your family members, then you can opt for an individual health plan. Determining your requirement to receive adequate health coverage would give you a fair idea of how much coverage you will require. Under a family floater policy, single sum insured is shared by all members of the policy and if you don’t want to insure all the members of the family under one plan, you can opt for individual health plan. Also, it is important to note that under family health insurance, the premium you pay is determined on the basis of the age of the eldest family member.

Choose the right sum insured: Sum insured is nothing but the maximum amount that the insurance company is liable to pay you in case you make any claim. Ideally, it is always a wise idea to opt for a higher sum insured to get maximum medical coverage. This is especially true if you are living in metro cities as medical expenses are significantly higher than the tier II and tier III cities. Also, chances of you getting prone to lifestyle diseases such as diabetes, cholesterol, arthritis, etc are more when you are old. Hence, it is important that you don’t stay under-insured and get the right financial assistance required. So start with a reasonable coverage amount and enhance it every two-three years with your rising family size and income.

Pre-existing diseases: For pre-existing diseases such as sinus, diabetes, cholesterol and others, insurance companies do not provide coverage from the start of the policy. Such diseases are covered only after a waiting period of 2-4 years. This means that you will not be eligible to receive any coverage for the medical expenses that is a result of any pre-existing disease. Therefore, when choosing a health insurance policy, always ensure that you opt for one that has a low waiting period for coverage of any pre-existing disease you are suffering from.

List of hospital network: Health insurance companies have tie-ups with hospitals that fall under their network and offer you cashless health treatment. Always check on this list to ensure that the best hospitals in your vicinity and city are covered. It is important to opt for a health insurance plan that covers a wide range of hospitals, offering specialized treatments.

Keep the above points in mind to ensure that you choose the best health insurance policy that offers you maximum benefits to help you stay covered for all times. With this, also read the policy terms and conditions carefully to help you decide the best for you and your family.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

Cervical Cancer Insurance: Tips to Find the Right Insurance Plan for Treatment

Need Orthopaedic Surgery? Find Out if Your Medical Insurance Covers It

Find Out How a Health Insurance Advisor can Help You

Corporate Health Insurance –Find Out If It is Enough

Find Out How Health Insurance Can Benefit Single Moms